Published: 12-03-2021 16:09

Stern Groep N.V., listed Dutch mobility group in automotive retail and services, announces its results for 2020.

Highlights

• Net revenue in 2020 down 14.3% on 2019
• Gross EBITDA amounted to € 35.7 million (2019: € 37.6 million). The EBITDA margin increased to 4.8% (2019: 4.3%)
• Profit after tax from continued operations came to € 0.2 million (2019: loss of € 1.4 million). There was also a write-down of the goodwill of Dealergroup Stern of € 20.0 million and an extraordinary tax expense of € 6.7 million
• Cash flow from operating activities of € 45.5 million in 2020 improved sharply on 2019 (€ 8.7 million)
• Despite the write-down of goodwill and the deferred tax asset, the solvency ratio showed a strong improvement to 28.9% from 26.6% at year-end 2019
• Liquidity is ample, while all taxes in 2020 have been paid. Only a limited amount (€ 17.4 million) of the available finance facility with credit institutions (€ 57.0 million) was taken up at year-end 2020
• We are not able to make a reliable forecast of revenue in 2021 and the related results due to uncertainty as to the duration and further development of COVID-19. The cost-saving programme currently in force still has full priority, as there is a possibility that the negative effect of COVID-19 on operating result could continue for some time to come.

Henk van der Kwast, Chief Executive Officer:

“Stern was not able to meet its operational targets during this first year of the COVID-19 pandemic, but it has used this period to implement its strategic objectives ahead of schedule, further strengthen its balance sheet and increase its cash position. Cash flow from operating activities came to € 45.5 million, a very sharp improvement on 2019. Stern’s financial position is accordingly stronger than ever. 2021 is expected to be a very different year, with further surprises and opportunities, in which personal mobility, excellent service and our own brand value will play a central role.”

General note

Due to the sale of Heron Auto B.V. on 2 January 2020, the comparative figures for Heron Auto B.V. (the figures for 2019) have been classified as result from discontinued operations in order to facilitate a proper evaluation of the figures in this press release. The figures and numbers for 2019 in this press release have been adjusted for the purpose of comparison.